02059cam a22002417 4500001000600000003000500006005001700011008004100028100002200069245010500091260006600196490004100262500002000303520106800323530006101391538007201452538003601524690006601560710004201626830007601668856003701744856003601781w4165NBER20180217235437.0180217s1992 mau||||fs|||| 000 0 eng d1 aKlein, Michael W.14aThe Accuracy of Reports of Foreign Exchange Interventionh[electronic resource] /cMichael W. Klein. aCambridge, Mass.bNational Bureau of Economic Researchc1992.1 aNBER working paper seriesvno. w4165 aSeptember 1992.3 aDaily foreign exchange operations by the Federal Reserve are not revealed to the public contemporaneously or, up until recently, even years after the fact. With the recent release of daily intervention data it is now possible to gauge the accuracy of the market's perceptions of the Fed's foreign exchange intervention. In this paper we look at both qualitative and quantitative evidence on the accuracy of press reports of foreign exchange intervention by the Federal Reserve between the beginning of January 1985 and the end of December 1989. The evidence shows that the likelihood of intervention being reported given that it actually occurred was 72 percent and that the likelihood of intervention actually occurring given that it was reported was 88 percent. Interventions which were reported by the newspaper were larger on average than those which were not reported and this difference is statistically significant. Multinomial logit analysis also demonstrates that the likelihood of intervention being reported increased with the size of the intervention. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aF31 - Foreign Exchange2Journal of Economic Literature class.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w4165.4 uhttp://www.nber.org/papers/w416541uhttp://dx.doi.org/10.3386/w4165